On 4 May 2012, the Commission published a speech by Joaquín Almunia, Vice President of the Commission responsible for Competition Policy, on a new approach to integrating payments in the EU. He discussed the Green Paper on payments which was published in January 2012, and identified the main problems in the payment sector such as the lack of evidence that high costs for merchants of card transactions have reduced, payments market still being fragmented, and the markets not being as dynamic and innovative as they should be. In his speech, he encouraged a new mix of regulation, self-regulation and competition enforcement to ensure the development of open, secure and innovative payment markets. Read More.